公司回款效率提升，25Q1 收入企稳且利润实现缩亏；大模型相关业务成功落地，24 年斩获近5,000 万 元订单。 AI Infra 业务需求跃升，大模型相关业务实现落地。DeepSeek 低成本、高性能、开源、国产化等特质叠 加国务院国资委召开中央企业"AI+"专项行动深化部署会，政府、金融等行业掀起DeepSeek 私有化部署 浪潮。公司云+端+私有化三位一体部署的DeepSeek 全场景解决方案将全面受益于私有化部署大时代。 AI Infra 业务落地案例方面，公司已有招商证券大模型管理平台、东证期货、中国人寿、国家光伏储能 实证实验平台（大庆基地）、中航电梯数据中台等多个标杆案例项目落地，24 年全年公司大模型相关 业务斩获近5,000万元订单。公司携手宏碁打造的AIPC 于2024 年9 月30 日在京东首发，搭载的专属 AI 软件 A 星人专业版采用公司的无涯·问知系统，目前公司已协助A 星人专业版全面接入DeepSeek。 维持"强烈推荐"投资评级。公司AI 数据工程基因纯粹，拳头产品大数据基础平台TDH 在政府、金融等 领域市占率领先；作为私有化部署大模型的核心MaaS 服务商，将深度受益于大 ...

Core Insights - The company reported a slight decline in performance for 2024, with total revenue of 371 million yuan, a year-on-year decrease of 24.31%, and a net profit loss of 343 million yuan [1] - The company is focusing on AI infrastructure for enterprises, launching the Transwarp Knowledge Hub (TKH) to enhance knowledge sharing and application [3][4] - The company secured nearly 50 million yuan in orders related to large model operations and knowledge platforms across various industries [4] Financial Performance - For 2024, the company achieved a revenue of 371 million yuan, with a gross margin of 50.67% and operating cash flow of -327 million yuan [1] - In Q1 2025, the company reported a revenue of 64 million yuan, a year-on-year increase of 2.59%, and a narrowed net profit loss of 84 million yuan [2] Business Segments - The company's core software business generated 284 million yuan in revenue, while application and solutions contributed 73 million yuan [1] - The financial sector's client base is growing, with repeat purchases from existing customers accounting for approximately 78.83% of the main business revenue [1] AI Initiatives - The company is enhancing its product lines to support AI applications, including data analysis and predictive maintenance [3] - Collaborations with major firms like招商证券 and宏碁 have led to recognition in the AI industry for innovative projects [3][4] Future Outlook - Revenue projections for 2025-2027 are estimated at 500 million, 634 million, and 794 million yuan, respectively, indicating a strong growth potential driven by AI investments [4]